PowerFleet price target raised to $10 from $7 at Barrington

Barrington analyst Gary Prestopino raised the firm’s price target on PowerFleet (PWFL) to $10 from $7 and keeps an Outperform rating on the shares. The firm notes the management of PowerFleet conducted a virtual “Fireside Chat” outlining the business strategy, value creation opportunity, and growth outlook for the combination of PowerFleet and MiXT Telematics (MIXT). The completed transaction creates a leading Asset Internet of Things SaaS provider of mission-critical solutions delivering data insights to mobile asset operations for business improvement, Barrington says. The firm believes that the positive long-term growth attributes from the combination of PowerFleet and MiX Telematics should support a much higher stock price over time.